Steve Goulding began his musical career in 1974, playing with the bassist Andrew Bodnar in a London pub rock band called Bontemps Roulez. Goulding and Bodnar joined the Rumour, later Graham Parker's band, in 1975. The duo's adaptability made them an ideal session rhythm section, and between 1976 and 1979 they recorded with a variety of artists for the premier British punk rock record label Stiff Records, including Nick Lowe, Elvis Costello on “Watching the Detectives,” Wreckless Eric, and Desmond Dekker. The Rumour toured constantly with Graham Parker for five years until parting ways with him in 1980. They also backed Johnny Cash’s stepdaughter Carlene Carter on her debut album and tour in 1978.

After the Rumour split in 1981, Goulding recorded with Garland Jeffreys on his ESCAPE ARTIST album as well as touring with Jeffreys. He also appeared with David Bowie on the Johnny Carson Show, promoting Bowie's SCARY MONSTERS album. A stint with the British band the Associates, fronted by the late Billy Mackenzie, followed, as well as a succession of European TV appearances with Roxy Music.

A world tour with Lene Lovich led to a two-year association with Gang Of Four, through whom Goulding met the Mekons. The Leeds band were just becoming active again after an 18-month hiatus, and Goulding joined the group for a series of benefits in support of the 1984-85 U.K. miners' strike. He recorded the seminal FEAR & WHISKEY album with the band in 1985. He briefly joined the Thompson Twins in for a world tour in 1985-6, rejoining the Mekons on his return to the U.K. Barring a two-year hiatus, from 1991-1993, he has remained a band member ever since.

In 1988 Goulding moved from London to Chicago, where he lived for 12 years, playing with bands and artists including the Waco Brothers, Archer Prewitt, the Pine Valley Cosmonauts, and Poi Dog Pondering. He moved to New York in 1999, and now resides in Greenwich Village, performing regularly with such artists as Garland Jeffreys, Laura Cantrell, Memphis singer/songwriter Megan Reilly, and Amy Rigby, as well as appearing with the Loser’s Lounge, a moveable feast of tribute shows to (and by) various performers.